- Guardian Advice Attracts Ex-PIS Firm;
- Funeral Insurance with Reducing Premiums Launched;
- Advisers Should Complete Taxation Law Course;
- Annuities Available via CFS Platforms
Guardian Advice Attracts Ex-PIS Firm
NSW advice firm, Noall & Co, has switched licensees, becoming part of the Guardian Advice network.
Formerly licensed through Professional Investment Services, Noall & Co is led by Marc Bineham, who has been a key contributor to the Association of Financial Advisers, most recently as the chair of the Association’s conference.
In addition to the move to the Suncorp-owned Guardian Advice license, Noall & Co has also appointed a new General Manager. Gavin Glozier will take up the position, with a focus on corporate governance and the cross promotion of value-added services for clients of the firm.
“We are really looking forward to having Gavin on board with his knowledge and understanding of the rapidly changing marketplace. His experience with other leading firms is another plus and he will be a welcome addition to our team,” Mr Bineham said.
Guardian Advice Executive Manager, Simon Harris, said he was delighted that Noall & Co had chosen to partner with Guardian Advice.
“I have known Marc Bineham and Gavin Glozier for many years. Their contribution to the advice community has been significant, particularly through their work with the AFA and I am pleased to welcome them into the Guardian Advice family,” Mr Harris said.
Funeral Insurance with Reducing Premiums Launched
Direct insurer Real Insurance has launched a new funeral insurance product which promises premiums that reduce over the life of the policy.
The Real Guaranteed Funeral Insurance product reduces premiums by 5% every 5 years over the life of the policy, and guarantees that the holder will never pay more in premiums than the benefit amount their family will receive.
The Real Guaranteed Funeral Insurance offers cover from $3,000 up to $15,000. As is normal for policies of this type, accidental death is covered from day one, with death by any cause covered after 12 months of holding the policy.
“Our initial market testing has shown positive results,” said Mark Reid, CEO of Greenstone, the financial services arm of the Hollard Group in Australia, which provides Real Insurance.
“We’ve ensured that this product keeps with our mission to offer straightforward, easy to understand products that are accessible to everyday Aussies. What you see is what you get – there are no hidden charges or surprises with this insurance.”
Advisers Should Complete Taxation Law Course
A single semester of study on Australian taxation law is not sufficient for financial advisers, according to the Institute of Public Accountants (IPA).
In its submission on the education requirements for tax (financial) advisers, the IPA has argued that there is little difference in the scope of advice that tax (financial) advisers can provide compared to tax agents, and therefore they should have a similar level of Australian tax knowledge.
Under the new Tax Agent Services Act (TASA) regime, financial advisers who provide tax advice in the course of their dealings with clients must register with the Tax Practitioners Board (TPB). It is proposed that in order to maintain this registration, tax (financial) advisers should undertake a one semester unit in Australian taxation law.
“Once a tax (financial) adviser is registered with the TPB, the adviser will be permitted to give tax advice covering any tax matter, provided it is in the course of providing financial advice,” explained IPA CEO, Andrew Conway. “We therefore believe the duration of a course in Australian tax law should be of sufficient breadth to equip a tax (financial) adviser to adequately advise the public on tax issues.
“Simply put, the proposal of a one semester unit in tax law is inadequate unless the scope of advice is significantly restricted in line with the level of training.”
Annuities Available via CFS Platforms
From mid next year, Colonial First State will offer annuity products via its FirstWrap and FirstChoice Platforms.
In what is being described as an Australian first, advisers will now be able to more conveniently and efficiently combine CFS’s account-based pension with an annuity product, providing a more comprehensive retirement solution for clients. CFS advised that the features, benefits and rates of annuity products accessible via the FirstWrap and FirstChoice platforms will be the same as those for stand-alone annuity products.
“We recognise advisers are considering increasing their use of annuities on behalf of their clients, and our platforms can make the process of managing clients’ retirement savings in the one place a much better experience,” CFS Executive General Manager, Linda Elkins.
“We conducted extensive market research as well as in-depth qualitative research with a wide range of financial advisers from across the country, which confirmed advisers are looking for more efficient ways to deliver advice to their clients, particularly in retirement.”
